buy back interest in home

sizzler

tigerfeet2006 wrote: »

When you go BR the OR (official reciever-the person who deals with you) will be entitled to any equity you have in the house. At 2 yrs and 3 months point after BR he will come to you and ask for this money. If you are in negative equity the house reverts back to you. If you are in equity you will have to find the money to pay it to the OR or sell the house to give it to him or they may put a charge on the house for the amount should you sell at a later date.

Please ring one of the debt charities and get some adcice on your situation. Numbers and links in my sig.

Thanks tigerfeet spot on:)

sizz

katygeorge

thanks everybody been very helpfull x

milothewestie

BB&B wrote: »

In which case, in the region that covers where I work, if this became known to have happen an examiner WOULD be disciplined.

Only the IS HQ Directorate can issue exemptions and they inform all offices of these exemptions (as they could be used as precedences), and to date there have been NO exemptions notified. And yes I have checked!

As I have said before, they may have allowed this through as it was at the stage of crossing t's and dotting i's, so it would COST the IS not to proceed!

Tim

oh well at least he saved his house,someone must be bending a rule or two somewere,thats good though:D

samk_2

Hello there,

Do the new BI rules apply when the trustee has already had a valuation and are awaiting an offer? My husband was made bankrupt in August and a trustee was appointed, the house was valued and there was some equity in it, I have been waiting on proof that my BI was greater and now have this and am able to proceed with this, will the old "rules" still apply.

Thank you.

debtinfo

please remember that no rules have changed just the OR's internal guidelines

samk_2

So basically I can proceed with the offer?

Thank you

debtinfo

You have a seperate trustee, not the OR, so they will have there own guidelines, so you will need to ask them

samk_2

Ok, well they haven't sent any new information and just want the offer and proof of my greater BI, so I will just continue and post the letter I have drafted.

Thank you.